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The global Electric Vehicle (EV) battery housing market size was valued at USD 9.31 billion in 2022. The market is projected to grow from USD 11.80 billion in 2023 to USD 28.40 billion by 2030, exhibiting a CAGR of 13.4% during the forecast period.
The Electric Vehicle (EV) battery housing is a type of box specifically designed for the batteries, such as the lithium-ion battery of an electric vehicle. It is also called a battery case and battery enclosure. The Electric Vehicle battery housing comprises a metal enclosure (top cover & bottom cover) or box that protects the battery cell from damage and moisture, dust, and debris. The housing also delivers structural support to the battery pack and also for additional systems, such as thermal management systems, cooling systems, or battery management systems. The growing adoption of advanced EV battery pack (housing) technologies for enhanced performance is anticipated to propel the Electric Vehicle battery housing market growth.
Increased Demand for Electric Vehicles Boosted Market Growth during Pandemic
The COVID-19 pandemic positively affected the global Electric Vehicle (EV) battery housing market. The pandemic disrupted the supply chain, leading to shortages of critical components and materials used in EV battery production. For instance, lithium-ion batteries are a core component of electric vehicles, and disruptions in the supply of lithium, cobalt, and other essential materials hindered battery production and, consequently, Electric Vehicle (EV) battery housing production.
However, the sales and production of passenger cars have slightly increased due to favorable government policies and subsidies. Some governments implemented policies to stimulate economic recovery, including incentives for electric vehicle adoption. Favorable policies, such as tax credits toward the adoption of EVs and to cope with the negative impact of the COVID-19 pandemic on the overall EV industry, are somehow helping automakers to actively grow into EV components, boosting the market growth.
Rising Adoption of Lightweight Materials and Modular Design is an Ongoing Trend
The rising adoption of lightweight materials and modular design is an ongoing trend in the market. The trend is driven by the need to enhance design, safety systems, and overall vehicle efficiency. Manufacturers or OEMs are increasingly focused on lightweight materials for Electric Vehicle battery housing to enhance vehicle efficiency and range. Materials, such as aluminum and high-strength composites are gaining popularity due to their properties.
The rising market growth is attributed to the rising demand for lightweight materials, modular design, and improved safety features in electric vehicles. Modular Electric Vehicle battery housing designs are on the rise, allowing for easier scalability and customization. This trend is driven by the need to accommodate different battery sizes and configurations for various EV models.
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Increasing EV Adoption and Battery Technology Advancement to Propel Market Growth
The adoption of electric vehicles increases yearly due to environmental concerns and government incentives. The growing environmental awareness is one of the primary drivers for EVs. Governments are delivering attractive incentives and policies to promote the sales of EVs. Some of these incentives include reduced selling prices, zero or low registration fees, and free charging infrastructure of EVs at multiple charging stations. The growing adoption of electric vehicles drives market growth. These electric vehicles depend on large battery packs, and each of these packs requires a protective housing.
The developments in battery technology are increasing the energy density and range of electric vehicles. The larger and more efficient battery packs further drive the need for specialized EV battery housing. For instance, in June 2023, Toyota announced that the company would introduce high-performance, solid-state batteries and other technologies to improve the driving range and cut costs of future Electric Vehicles (EVs). This development is estimated to drive market growth during the forecast period.
High Material Cost and Safety Regulations May Hamper Market Growth
The restraining factor in the market could be the high cost of materials. The cost of material used in Electric Vehicle battery housing directly contributes to the overall manufacturing cost of an electric vehicle. The expensive material can significantly raise the price of electric vehicles, making them less competitive with Internal Combustion Engine (ICE) vehicles. The high cost of developing and manufacturing specialized battery housing may hinder demand for Electric Vehicle battery housing. Strict safety regulations govern the design and manufacturing of battery housing to prevent thermal runways and fires. This regulation can be challenging and costly for manufacturers.
Passenger Car Segment Propels as BYD’s Strategic Move Spurs Growth
Based on vehicle type, the market is segmented into passenger car and commercial vehicle. The passenger car segment holds the highest Electric Vehicle (EV) battery housing market share globally and is expected to grow during the forecast period. The growth is attributed to rising electric passenger car production by OEMs/manufacturers. For instance, in September 2022, BYD Co. Ltd. signed an agreement with WHA Corp. (Industrial Estate developer) to build an electric vehicle production plant in Southeast Asia. This development drives segmental growth in the market. Additionally, government regulations and incentives often focus on promoting the adoption of electric passenger vehicles, driving market growth.
The commercial vehicle segment holds the second largest market share. The segment’s growth is attributed to the increasing research and development, innovation, and vehicle launches. For instance, in March 2022, Ford announced to introduce four new electric commercial vehicles and three passenger vehicles in Europe by 2024, and the company decided to sell 600,000 electric vehicles in the region by 2026.
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Aluminum’s Weight Advantage Increases Demand and Propels Market Leadership
Based on material, the market is projected into steel, aluminum, and others. The aluminum segment holds the maximum market share globally. The material is lighter than steel, which helps decrease the overall weight of the electric vehicle and delivers maximum vehicle range and energy efficiency. Such properties of the material drive segmental growth.
The steel segment holds the second-largest market share. The segmental growth is attributed to its strength, recyclability, and cost efficiency. The steel is highly recyclable, providing eco-friendly in line with the sustainability goals of the EV industry.
The market is analyzed across North America, Europe, Asia Pacific, and the rest of the world.
Asia Pacific Electric Vehicle (EV) Battery Housing Market size, 2022 (USD Billion)
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Asia Pacific stood at USD 4.75 billion in 2022. The region dominated the market in 2022 and is expected to continue its dominance throughout the forecast period, with the fastest CAGR. The APAC regional growth is attributed to the existence of a strong automotive sector in developing economies, including China, India, Japan, and others. Additionally, increasing demand for electric vehicles in India, China, Japan, and South Korea further propel market growth.
Europe holds the second-largest market share as the region is an early adopter of electric vehicles. Manufacturers are heavily investing in electric vehicle production, which has driven innovation and adoption of EV component manufacturing, such as EV battery pack & housing. European companies have actively researched and developed advanced battery technology, Electric Vehicle (EV) housing material, safety, and management safety. Such developments fuel the Electric Vehicle battery housing demand.
North America’s increasing demand for electric light commercial transportation fuels the market growth. The rising consumer demand for electric vehicles due to environmental concerns, government incentives, and advanced technology are projected to boost the adoption of electric vehicles and drive market growth.
Companies Focus on a Wide Range of Product Offerings to Gain Competitive Edge
Key market players include SGL Carbon, ThyssenKrupp AG, and Novelis Inc. Top manufacturers focus on providing technologically advanced Electric Vehicle battery housing for various vehicles globally.
ThyssenKrupp AG is one of the leading battery housing manufacturers. The company focuses on research and development activities to develop new products with improved capabilities. They provide a selectrify steel battery housing which is newly developed. It comprises an enclosure with a connection profile, cover, upper and lower support arm, frame, and underride guard.
The market research report provides a detailed analysis focusing on key aspects such as leading market players, competitive landscape, and vehicle type. Besides, the report includes insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market's growth in recent years.
An Infographic Representation of Electric Vehicle (EV) Battery Housing Market
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CAGR of 13.4% from 2023 to 2030
Value (USD Billion)
By Vehicle Type
As per the Fortune Business Insights study, the market size was USD 9.31 billion in 2022.
The market is projected to grow at a CAGR of 13.4% over the forecast period (2023-2030)
The passenger cars segment is expected to lead the market due to the adoption of passenger vehicles globally.
The market size in Asia Pacific stood at USD 4.75 billion in 2022.
SGL Carbon, ThyssenKrupp AG, and Novelis Inc. are some of the top key players in the market.
Asia Pacific held the largest share of the market in 2022.
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